Chaney Capital Management Inc. Sells 712 Shares of Starbucks Corporation $SBUX

Chaney Capital Management Inc. reduced its stake in Starbucks Corporation (NASDAQ:SBUX) by 8.0% during the second quarter, Holdings Channel.com reports. The firm owned 8,210 shares of the coffee company’s stock after selling 712 shares during the quarter. Starbucks accounts for approximately 0.3% of Chaney Capital Management Inc.’s holdings, making the stock its 20th largest position. Chaney Capital Management Inc.’s holdings in Starbucks were worth $752,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SBUX. Brighton Jones LLC raised its position in shares of Starbucks by 86.5% during the 4th quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company’s stock valued at $16,126,000 after purchasing an additional 81,952 shares during the period. HB Wealth Management LLC grew its stake in Starbucks by 22.3% during the first quarter. HB Wealth Management LLC now owns 46,580 shares of the coffee company’s stock valued at $4,569,000 after acquiring an additional 8,499 shares in the last quarter. Cornerstone Advisory LLC boosted its holdings in shares of Starbucks by 13.2% during the 1st quarter. Cornerstone Advisory LLC now owns 3,516 shares of the coffee company’s stock valued at $345,000 after purchasing an additional 411 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Starbucks by 6.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 559,363 shares of the coffee company’s stock worth $54,868,000 after buying an additional 32,242 shares in the last quarter. Finally, LPL Financial LLC increased its stake in Starbucks by 7.1% in the 1st quarter. LPL Financial LLC now owns 2,244,844 shares of the coffee company’s stock worth $219,874,000 after acquiring an additional 148,214 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Jorgen Vig Knudstorp acquired 11,700 shares of the stock in a transaction dated Monday, November 10th. The stock was acquired at an average cost of $85.00 per share, for a total transaction of $994,500.00. Following the completion of the purchase, the director owned 53,096 shares of the company’s stock, valued at approximately $4,513,160. This represents a 28.26% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Starbucks Stock Performance

Shares of Starbucks stock opened at $83.34 on Tuesday. The company has a market capitalization of $94.77 billion, a PE ratio of 50.82, a P/E/G ratio of 4.28 and a beta of 1.02. The company has a 50-day simple moving average of $83.85 and a two-hundred day simple moving average of $87.67. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). Starbucks had a net margin of 4.99% and a negative return on equity of 31.84%. The firm had revenue of $9.57 billion for the quarter, compared to analysts’ expectations of $9.41 billion. During the same period in the previous year, the company earned $0.80 EPS. The company’s revenue was up 5.5% on a year-over-year basis. On average, equities analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, November 14th. This is an increase from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s payout ratio is 151.22%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. TD Cowen restated a “hold” rating and issued a $84.00 target price on shares of Starbucks in a report on Thursday, October 30th. Guggenheim boosted their target price on Starbucks from $79.00 to $90.00 and gave the company a “neutral” rating in a research report on Thursday, July 31st. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $100.00 to $115.00 in a research note on Tuesday, August 12th. Loop Capital set a $165.00 price objective on shares of Starbucks in a research report on Tuesday, August 12th. Finally, Piper Sandler dropped their price objective on Starbucks from $105.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and an average price target of $101.44.

Starbucks Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.